Browse content similar to 22/04/2013. Check below for episodes and series from the same categories and more!
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BBC News. Now for the latest financial news with Sally Bundock | :00:02. | :00:12. | |
:00:12. | :00:20. | ||
Switched on - Philips focus on LED lighting and healthcare equipment | :00:20. | :00:26. | |
is reaping rewards. It reveals its latest profits numbers today. | :00:26. | :00:30. | |
The Shanghai autoshow has just opened and western car makers are | :00:30. | :00:40. | |
:00:40. | :00:52. | ||
flocking to invest in production Welcome to World Business Report. | :00:52. | :01:00. | |
We will also have news about a strike at Lufthansa. Its been a | :01:00. | :01:04. | |
busy start to the year for the electronics giant Philips. It | :01:04. | :01:08. | |
agreed to sell its audio and video unit and the Dutch company has just | :01:08. | :01:12. | |
unveiled what it claims is the world's most efficient LED. Philips | :01:12. | :01:16. | |
Chief Executive Officer Frans Van Houten - who has been at the helm | :01:16. | :01:19. | |
for almost 2 years - is pushing the manufacturer into high-margin areas | :01:19. | :01:22. | |
such as lighting products that save energy, and equipment for the | :01:22. | :01:25. | |
health industry - moving the company away from its consumer- | :01:25. | :01:29. | |
electronics past. The massive restructuring at Philips is saving | :01:29. | :01:35. | |
the company 1.1 billion euros with 6,700 jobs cut. And it seems to be | :01:35. | :01:39. | |
working. In a few hours time Philips will reveal its latest | :01:39. | :01:44. | |
results. With me is William Mackie, an equity analyst at Berenberg Bank | :01:44. | :01:53. | |
who follows Philips. We have had a strong resolves, will today be the | :01:53. | :01:59. | |
same? Underlying and results will show an improvement in operating | :01:59. | :02:09. | |
:02:09. | :02:13. | ||
profits. We will expect benefits from restructuring. You believe the | :02:13. | :02:18. | |
shift away from consumer electronics, which is incredibly | :02:18. | :02:22. | |
competitive, in tooth lighting and healthcare was the right decision? | :02:22. | :02:27. | |
Yes. The group has made a significant strategic shift across | :02:27. | :02:32. | |
the group to refocus on the areas of strength within healthcare, | :02:32. | :02:37. | |
lighting and consumer portfolio. Myself and the City will come their | :02:37. | :02:44. | |
excerpts from a television and others. They had lower margins and | :02:44. | :02:49. | |
were facing significant competition from the Far East. Her what is the | :02:49. | :02:55. | |
outlook now? In healthcare, they are pushing for innovated new | :02:55. | :02:59. | |
equipment but that is dependent of government spending which could be | :02:59. | :03:04. | |
dodgy in the years ahead. Lighting, they're really going for the | :03:04. | :03:11. | |
lighting. Aren't they winning their? Within the healthcare | :03:11. | :03:15. | |
business, there is a huge amount of barring an innovation focus on key | :03:15. | :03:20. | |
areas where there is potential for growth in emerging markets and also | :03:20. | :03:25. | |
to provide better healthcare within Europe and North America. That is | :03:25. | :03:30. | |
showing some benefits in markets against main competitors. In the | :03:30. | :03:36. | |
lighting industry, they are faced with a revolution. A shift to Elly | :03:36. | :03:42. | |
debased lighting products. Fill-ups have made a quick moves to | :03:42. | :03:49. | |
restructure. Investing heavily to get a lead in lighting fittings and | :03:49. | :03:57. | |
products. What about government spending on healthcare - how | :03:57. | :04:02. | |
dependent is that size of the business dependent on governments | :04:02. | :04:10. | |
are doing well. Many economies are not in that position? Nearly 45% of | :04:10. | :04:15. | |
revenues from healthcare come from North America. Clearly, the fiscal | :04:15. | :04:18. | |
cliff and concern about government spending have created uncertainty | :04:18. | :04:28. | |
:04:28. | :04:31. | ||
resulting some hospitals reconsidering. More requirements | :04:31. | :04:38. | |
for healthcare services means for overtime he will pick up. There are | :04:38. | :04:46. | |
particular challenges. Thank you for your time. One get the results | :04:46. | :04:54. | |
from Philips I will be tweaking the details. -- tweeting. Later, we | :04:54. | :04:58. | |
will be interviewing the chief executive of Philips about their | :04:58. | :05:04. | |
numbers. Just after they are released. And jute union if not a | :05:04. | :05:11. | |
colony on Twitter. -- do tune in. Global auto makers have flocked to | :05:11. | :05:13. | |
China's premier car show in Shanghai, affirming its importance | :05:13. | :05:16. | |
as the world's largest vehicle market. Foreign brands are | :05:16. | :05:19. | |
particularly popular there - on Friday Volkswagen said it plans to | :05:19. | :05:22. | |
increase its Chinese workforce by a third to more than 100,000 people | :05:22. | :05:29. | |
by 2018 as the company continues to expand production capacity in China. | :05:29. | :05:33. | |
And General Motors will add four new plants in the next three years | :05:33. | :05:42. | |
to bring its production capacity to 5 million vehicles a year. Will | :05:42. | :05:46. | |
invest $11 billion in China by 2016, but did not break out the cost of | :05:47. | :05:51. | |
the new plants. Andrew Thomson, Head of Automotive for China and | :05:51. | :05:54. | |
Asia Pacific at KPMG explained the allure of the Chinese market. | :05:54. | :05:57. | |
going to be very, very competitive, but it's more stable. You don't | :05:57. | :06:01. | |
have the volatility of the market and that allows you to plan much | :06:01. | :06:04. | |
more effectively, to resource properly. You are investing in line | :06:04. | :06:07. | |
with the market, and not necessarily deploying in lots of | :06:07. | :06:17. | |
dollars that subsequently end up being wasted. We will have a more | :06:17. | :06:21. | |
from the Auto Show in China as the week progresses. Japan has been | :06:21. | :06:24. | |
given official approval to join negotiations for a Us-led free | :06:24. | :06:26. | |
trade pact. It's called the Trans- Pacific Partnership. Trade | :06:26. | :06:29. | |
ministers from the eleven nations already participating in the trade | :06:29. | :06:32. | |
deal met in Indonesia over the weekend. The membership is central | :06:32. | :06:36. | |
to Prime Minister Shinzo Abe's plans to open the economy to more | :06:36. | :06:39. | |
competition and revive growth. Mariko Oi is in our Singapore | :06:39. | :06:49. | |
:06:49. | :06:51. | ||
bureau. Tell more about how important this is to Japan? It is | :06:51. | :06:55. | |
quite significant. Japanese business leaders have been pushing | :06:55. | :07:00. | |
the government to join these free- trade talks for a few years now. | :07:00. | :07:06. | |
Big exporters will no doubt benefit by having access to huge markets. | :07:06. | :07:11. | |
11 countries have been negotiating a with Japan's in Mosman, it will | :07:11. | :07:16. | |
cover almost 40% of the global economy. One third of world trade | :07:16. | :07:22. | |
as well. There has been a stronger position, especially in Japan, -- | :07:22. | :07:27. | |
strong opposition, especially from farmers. They have been or posing | :07:27. | :07:31. | |
it. The Japanese government is expecting to negotiate on behalf of | :07:31. | :07:39. | |
them. -- opposing. They have been some opposition from American | :07:39. | :07:43. | |
lawmakers as well for allowing Japanese carmakers to be a will to | :07:43. | :07:48. | |
access the US market. Nevertheless, the fact that Japan has been | :07:48. | :07:54. | |
welcomed, which was widely expected, is still a significant step. | :07:54. | :07:57. | |
other news: German airline Lufthansa has cancelled the | :07:57. | :08:01. | |
majority of its flights scheduled for Monday due to a strike over pay. | :08:01. | :08:05. | |
The airline said only about 20 of its flights would run as planned on | :08:05. | :08:11. | |
Monday, out of more than 1,700 originally scheduled. German | :08:11. | :08:15. | |
airports affected are Frankfurt, Munich, Dusseldorf and Hamburg. | :08:15. | :08:18. | |
Lufthansa says it is offering free alternative bookings. Last week | :08:18. | :08:22. | |
Lufthansa rejected union demands for a 5.2% wage increase over the | :08:22. | :08:26. | |
next 12 months. Strikers are also looking for guarantees over job | :08:26. | :08:31. | |
cuts. Commercial airline flights moved smoothly throughout most of | :08:31. | :08:35. | |
the US on Sunday, the first day air traffic controllers were subject to | :08:35. | :08:39. | |
furloughs resulting from deep government spending cuts. But the | :08:39. | :08:41. | |
nightmarish flight delays and cancellations that the airline | :08:41. | :08:45. | |
industry had warned of did not materialize. The real test will | :08:45. | :08:50. | |
come on Monday, when traffic picks up. Passengers are adviced to stay | :08:50. | :08:54. | |
in contact with their airlines. And airlines have also directed their | :08:55. | :08:59. | |
customers to tell the FAA to find other ways to cut costs. Cyprus' | :08:59. | :09:02. | |
central bank says all insurance firm deposits in the bailed-out | :09:02. | :09:10. | |
country's second largest bank will now take a loss of 27.5%. The bank | :09:10. | :09:12. | |
also said late Sunday that the savings of unregistered financial | :09:12. | :09:15. | |
companies, charities and some educational institutions kept in | :09:15. | :09:18. | |
the Bank of Cyprus will also take an identical loss, but only on | :09:18. | :09:28. | |
:09:28. | :09:28. | ||
deposits of over 100,000 euros - that's just over $131,000. That | :09:28. | :09:32. | |
deposit loss was a key element in a deal that the country struck with | :09:32. | :09:35. | |
its euro area partners and the International Monetary Fund last | :09:35. | :09:44. |